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<br />(b) FOR INCOME TAX YEARS COMMENCING ON OR AFTER JANUARY <br />1, 1981, BUT BEFORE JANUARY I, 1983, AND FOR INCOME TAX YEARS <br />COMMENCING ON OR AFTER JANUARY 1, 1985, a tax is imposed upon <br />each domestic corporation and foreign corporation doing <br />business in Colorado annually in an amount equal to five <br />percent of the net income of such corporation during the year <br />derived from sources within Colorado reduced pursuant to the <br />reduction tables set forth,in subsections (1.1) to (1.5) of <br />this section. Income from sources within Colorado' includes <br />income from tangible or intangible property located or having <br />a situs in this state and income from any activities carried <br />on in this state, regardless of whether carried on in <br />intrastate, interstate, or foreign commerce. In the case of a <br />corporation which is a component member of a controlled group <br />of corporations as defined in section 1563 (a) of the <br />"Internal Revenue Code of 1954", as amended, the sum of the <br />Colorado net incomes of all the component members of the <br />controlled group, but not the losses of each component member <br />thereof, shall be used in computing the reduction for the <br />controlled group. The reduction for the controlled group may <br />be allocated between or among the component members thereof as <br />agreed to by such members. If such an agreement is not <br />reached, the executive director shall allocate the reduction <br />based on the ratio of the Colorado net income of each <br />component member to the total Colorado net incomes of all <br />component members. <br /> <br />(1.1) For income tax years commencing on or after <br />January 1, 1981, but before January 1, 1982, the tax imposed <br />by PARAGRAPH (b) OF subsection (1) of this section shall be <br />reduced in accordance with the following table: <br /> <br />If the Co 1 orado <br />net income is: <br />Not over $25,000.00 <br />Over $25,000.00 but <br />not over $50,000.00 <br />Over $50,000.00 <br /> <br />The reduction is: <br /> <br />1% of the Colorado net income <br />$250.00 plus 0:5% of the excess <br />over $25,000.00 <br />$375.00 <br /> <br />(1.2) For income tax years commencing on or after <br />January 1, 1982, but before January 1, 1983, the tax imposed <br />by PARAGRAPH (b) OF subsection (1) of this section shall be <br />reduced in accordance with the following table: <br /> <br />If the Colorado <br />net income is: <br />Not over $25,000.00 <br />Over $25,000.00 but <br />not over $75,000.00 <br />Over $75,000.00 <br /> <br />The reduction is: <br /> <br />1% of the Colorado net income <br />$250.00 plus 0.5% of the excess <br />over $25,000.00 <br />$500.00 <br /> <br />(1.3) For income tax years commencing on or after <br /> <br />. <br />" <br /> <br />PAGE 2-HOUSE BILL NO. 1320 <br />